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WAEC Economics 2011 Paper

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Question : 27

Total: 44

If the labour force of a country is 2.5 million and 2 million are employed , what is the unemployment rate?

0.2%
20%
200%
250%

Solution:

Concept:

Unemployment rate is the percentage of the labour force that is without work.

Explanation:

Labour force

= 2.5

million

= 2{,}500{,}000

Employed

= 2

million

= 2{,}000{,}000

Unemployed

= 2{,}500{,}000 - 2{,}000{,}000 = 500{,}000

Unemployment rate

= \frac{\text{Unemployed}}{\text{Labour force}} \times 100

= \frac{500{,}000}{2{,}500{,}000} \times 100

= 0.2 \times 100 = 20\%

Answer:

B.

20\%

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